Customer trust in data is essential for several reasons, including compliance with privacy regulations, the ability to create a value exchange with your customers so they will provide more accurate data, and ultimately building loyalty that will keep your customers returning again and again. In preparation for our upcoming Day 2 of Digital Velocity, “Harnessing Privacy & Security: Creating Trusted Customer Experiences Through Privacy & Data”, on May 10th from 9:00 – 10:30 AM PT, we are sharing this excerpt from our recent eBook, “In Data We Trust: Your Guide For Establishing Customer Trust Through Privacy.”
In today’s data and privacy-driven world, it is imperative for businesses to provide clarity to their customers on why, how, and what personal data they want to process and share with third parties. This is not only required to comply with ever-evolving privacy regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), but it’s also a necessity for establishing trusted customer relationships. When you provide your customers with a relevant and helpful experience in exchange for their data, their trust in your business is strengthened as is their loyalty to your brand. So while acquiring their consent and complying with privacy laws is a great start, it’s even more important that you use customer data to benefit your customers by delivering amazing and trusted experiences.
5 Ways a CDP Establishes Trust in Data with Customers
1. Reduce Risk from Siloed Data – Ensure Relevant Data is Collected and Managed
Data silos result in costly processes and increased risk in multiple areas, such as duplication, stale datasets, and erroneous or fractured understandings of customer profiles that lead to wasted marketing budgets and flawed strategies. These silos keep your organization from maximizing your customer experience and can also put you at risk of privacy infractions. If one department manages customer data differently than another, your teams are speaking different languages and missing requests for ongoing data privacy management. A CDP that starts with data collection will help your organization remove these data silos and reduce your risk of non-compliance.
2. Propagate Privacy Preferences – Present the Right Privacy Preferences Across Key Channels and in Real-Time
If your consent data is not real-time, you open your organization up to risk and can even inadvertently breach privacy regulations while consent preferences may be in queue to be updated. For example, if someone requests their data to be deleted and it takes your organization longer than is legally mandated to fulfill that request, your organization can face significant penalties for non-compliance with Data Subject Access Requests. Therefore, it is critical for privacy to be propagated throughout the entire customer journey, across all channels, and maintained through the lens of the customer. Privacy compliance maintained by channel is not actually compliant, and fraught with risks of infraction.
3. Enable Operational Efficiency and Business Agility
To be a privacy-driven organization, businesses must break down communication and data silos to understand what data is being processed and why. Tealium’s CDP enforces a common nomenclature for data, allowing the business and IT units to speak one common language consistently. This universal schema of data eliminates any risk of one department falling behind another whenever privacy requirements change or new technology investments call for new integrations.
4. Give Customers Transparency and Control Over Their Data
Your customers are empowered by global privacy regulations to manage when their data is collected, stored, and utilized. A CDP becomes a trusted repository of customer data and the governed supply chain that connects customer devices to the platforms that deliver value. As a trusted steward of their data, your customers will have access to the most accurate and meaningful set of their personal data when they request it, and supporting systems like Consent Management Platforms help supplement the CDP overseeing the collection and orchestration of that data.
5. Personalize Marketing and Customer Experience
A CDP can help organizations better understand customer behavior and preferences through a single customer view. Customers want to be known and understood regardless of what device they use or whether they are engaging in-person or online. Today, companies often have customer data residing in different systems e.g. social and email platforms. Additionally, a customer may have different privacy settings for each of those platforms which could result in privacy preferences not being respected. CDPs can enable you to collect trusted customer data from all touchpoints to produce a unique 360 view of your customers which will be your foundation for all things privacy-related. This enables you to create real-time engagement on any channel based on customer preferences. And this level of personalization can be done at scale through a vendor-neutral, real-time CDP like Tealium.
At Day 2 of Digital Velocity, our amazing speaker lineup will be covering key steps and best practices for creating trust in data from industry-leading organizations. They will explain how to future-proof your data privacy and compliance efforts, while maintaining customer trust and increasing loyalty, retention, and revenue.
The Agenda for “Harnessing Privacy & Security: Creating Trusted Customer Experiences Through Privacy & Data”:
9:10 – 9:35 AM PT | Future Proofing your Data Privacy and Compliance Efforts, with OneTrust
Hear from top privacy leaders on key ways to bring together teams and technology to implement powerful data privacy strategies and best practices so you can future-proof your customer data privacy practices. Get examples of how leading companies are future-proofing their privacy efforts in an ever-changing landscape.
9:35 – 10:00 AM PT | Data Driven Growth – How to Drive Real Business Results from Data, with AWS
Understand how the most innovative businesses are leveraging the power of Tealium + AWS to turn data into insights to accelerate digital transformation and drive effective business decisions.
10:00 – 10:15 AM PT | A Customer-Centric Approach in a Privacy-First World, with New Balance
See how Tealium customers are empowering their customer experience programs with confidence, utilizing a privacy-conscious mindset and leveraging first-party data. Learn how to build a single customer view unique to your business, so you can deliver relevant customer experiences.
10:15 – 10:30 AM PT | Putting Healthcare and Consumer Compliance First with a Robust Data Strategy, with Wheelhouse
Learn how a highly regulated healthcare system built a robust data system that puts healthcare and consumer compliance first.
To learn more about how to establish customer trust in data through privacy, don’t miss this spectacular annual event. Click here to sign up today!
